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Getting a Loan as a 19-Year-Old w/ a Social Network Startup?

I've made a prototype of my social network, and it works great, but my
partner (who is a successful serial entrepreneur) doesn't have the money to
put into the project at the moment - he expects it to be at least another
couple months before he's ready. On top of that, he wants 50% equity, which
contradicts everything I've read about funding... I'm only 19 so I know my
chances of being approved are slim but the loan I'm looking for is
approximately $5,000 and I do have a decent job as a developer. Do I have any
chance of getting a loan with SBA or any other reasonable loan program? With
all the attention given to young entrepreneurs, I would expect there to be at
least a couple of options for someone my age... Thanks!

BMT | Window Shopper |
8/6/2013 - 5:27 pm

Go down to your bank or get online and get a personal credit card with a
$5,000 limit and use that. You best and quickest way (maybe your only way).
50% of a business for equity is not all that bad. If you cannot succeed
without the money - then you will end up with 100% ownership of nothing. But,
with the money and you grow that business into a million dollar business -
then you will own 50% of that - which is better.
Equity percentages are about pre- and post- money - look it up.

JGabriel | Community Moderator |
8/5/2013 - 2:53 pm

Hi there, check out this blog which provides great&nbsp;resources for young entrepreneurial success:&nbsp;http://www.sba.gov/community/blogs/how-succeed-young-entrepreneur-%E2%80%93-essential-resources
&nbsp;
Good luck!